Sensing profits up 75%

A SHANNON-based manufacturing firm almost doubled its operating profits after revenues increased by 13% last year.

GE Sensing EMEA is part of the US-based GE corporation and employs 108 people at its Shannon base.

Figures filed with the Companies Office show the company recorded an operating profit of €688,871 in the 12 months to the end of December last — an increase of 75% on the operating profit of €392,663 in 2009.

GE Sensing increased revenues from €41.7m to €47.3m last year, but recorded a pre-tax loss of €5.3m following interest payable of €6m.

According to the directors’ report, management “expects that the company will be able to continue in operational existence for the foreseeable future and, hence, continue to adopt the going concern basis of accounting in preparing the annual financial statements”.

The figures show that the amount paid to staff last year dropped by almost €700,000 — from €7m to €6.34m.

GE Sensing’s four directors shared an aggregate €425,100 in emoluments — down marginally from €429,700 in 2009.

The accounts also show that the company’s operating profits were arrived at after non-cash charges of €5.6m of amortisation of intangible assets and a depreciation cost of €794,022.

According to the accounts, the EU was the company’s biggest market. Sensing recorded €28m in sales there last year.